Share Buy-back Programme

The buy-back of registered shares of GAM Holding AG is carried out on a second trading line at the SIX Swiss Exchange by using a specific security number and ticker symbol. GAM Holding AG acts as sole buyer on this trading line.

The Swiss Federal withholding tax amounts to 35% of the difference between the repurchase price of the shares and their par value of CHF 0.05 per each share. The tax is directly deducted from the repurchase price and remitted to the Swiss Federal Tax Administration.

Persons domiciled in Switzerland may claim reimbursement of Swiss Federal withholding tax according to art. 21 of the Swiss Federal Law on Withholding Tax.

Persons domiciled outside Switzerland may reclaim Swiss Federal withholding tax subject to the provisions of the relevant Double Taxation Agreement

Imposition of direct Federal taxes (Cantons and municipalities generally adopt the same practice):

• Shares held as private assets: The difference between their repurchase price and their par value of CHF 0.05 per each share constitutes taxable income.
• Shares held as business assets: The difference between their repurchase price and their book value constitutes taxable income.

Shareholders domiciled outside Switzerland for tax purposes will pay tax in accordance with the laws of the country in which they are domiciled.